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The NCUA received a report of the Corporate
Stabilization Fund (Quarterly Report), issued a Final Rule amending Part 703.14
related to Permissible Investment Activities – Bank Notes, and received a
report on Enterprise Solutions Modernization Program.
Stabilization Fund Quarterly Report.
Rendell L. Jones, Chief Financial
Officer presented the Quarterly Report on the Corporate Stabilization Fund. Jones reported Revenue of $154.3 million and
Expenses of $146.4 Million with a Net Income of $300.7 million. Jones noted the fund had received unqualified
clean opinions from the auditors for the 7th year in a row from
KPMG. Jones stated that the possibility
of any rebate would not occur until 2021.
All payouts are being used to pay down borrowings from Treasury. Chairman Matz also noted they expect to
announce more settlements from the ongoing litigation in the near future.
Rule, Part 703.14, Permissible Investment Activities – Bank Notes.
This Final Rule was adopted by the Board, which amends the
maturity requirement for bank notes to be a permissible investment for federal
credit unions by removing the word “original” from the current requirement that
bank notes have “original weighted average maturities of less than 5
years. The rule will be effective 30
days from publication in the Federal Register.
Enterprise Solutions Modernization Program.
Authorization was provided for $75,000 annually for four
years to create two temporary positions to lead the Enterprise Solutions
Modernization Program, with a corresponding reduction of two field
positions. These positions are to
coordinate projects approved in the 2016-2017 operating budget for a series of
information technology initiatives that include needed, next generation upgrades
to examination and information gathering systems and modernizing NCUA’s data
storage and infrastructure, as well as changes to document management policies
and practices. This includes upgrades to
the AIRES and Call Report. In response
to questioning staff, it was indicated that the upgrades could set the platform
to make an extended exam cycle as a possible direction for the board to
take. They further indicated that the
upgrades should result in the ability to conduct more off site monitoring and
ultimately lead to less time spent on-site in a credit union.
Note: The closed portion of the Board Meeting
considered a Share Insurance Appeal. No
other information was provided.
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© 2018 Credit Union National Association
ADA Compliance Notice & Legal
© 2017 Credit Union National Association |
ADA Compliance Notice & Legal